With the ever-increasing rate of crimes of all sorts and categories from all over the world, cybercrimes are no new addition to the stack. As per reports, the new account frauds have increased multifold in the present year, 2019 in spite of a seasonal decrease 2019 lack Friday is also known as Cyber Monday weekend. As per Jumio’s Holiday new account Frauds report, fraud has been defined as an attempt by an individual to create a new online account by manipulating a government-issued ID. The company compares global ID fraud patterns from millions of ID verification transactions between 2014 and 2019 across various platforms, industries with keeping its main focus on the time between Black Friday and Cyber Monday which included thanksgiving and the Tuesday after Cyber Monday.
Often the first step in the process of identity theft starts by creating a new account online. Identity theft online can be explained as the intentional use of someone else’s identity (e.g., name, address, Social Security number, bank accounts) to extort money and credit and make payments in respect of holiday purchases. It also looks into online fraud, access to medical services and money-laundering. Jumio’s CEO Philipp Pointner has stated to the press that cybercriminals tend to make their job done seamlessly so that it gets more difficult for modern enterprises to differentiate high-risk users from low- risk users, and this phenomenon is only going to speed up the whole process of evolution of dark web and darknet markets along with crime range of cybercriminals and the ever-increasing threat of identity theft. The total increase in cybercrimes including identity theft by creating new user accounts have raised to 28 % in 2019.
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On the other hand, total frauds have increased by 30% in the third quarter of 2019 and bot-driven account falsification and registration has gone up to 70% as cybercriminals like to test their stolen information or credentials, which is, email ids and passwords before the holiday retail season. The fourth quarter fraud report by Arkose Labs has found out that one in every five accounts online openings were done by forgery. The rates are shocking and call for serious action to be taken in terms of commoners’ data theft and safety as well as protecting the databases and information of the business firms and retailers’. Arkose labs have looked deep into the transactions of industries like financial services, e-commerce, travel, social media, gaming and entertainment industries. CEO of Arkose Labs, Kevin Gosschalk said to the media, that their report shows the slowly evolving nature of cybercrimes and new account frauds, being committed all over the world, in the global crime ecosystem. The ways of earning money through online forgery are getting more complex every day, which implies that the incentive and the victim is cannot be always taken for granted.
Arkose labs report has seen a 30% increase in account takeover attacks using old passwords and patterns old credentials in the retail business industry compared to the previous quarter. Account takeover attacks are a big implementation of payment frauds, as most e-commerce companies encourage buyers to create payments and remember their card details to make the purchase path even more seamless and quick.
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Russia, the Philippines, and Indonesia all have the highest data theft incentive index rating and feature among the top five countries from where these attacks are coming. The Philippines is the topmost country that has the highest number of cyber attackers and new account frauds; fraudsters are driven by the low purchasing power of the region leading them to committing data theft, meaning that there are big gains to be won if one attacks the western countries like USA and UK.
Source: Security Magazine
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